U.S. Treasury Scraps $10,000 Reporting Rule for Private Crypto Wallets

FinCEN has formally withdrawn a December 2020 proposal that would have forced banks and crypto businesses to report transactions exceeding $10,000 to or from unhosted wallets within 24 hours. The agency also scrapped a separate 2023 proposal that classified crypto mixing transactions as a primary money-laundering concern. The unhosted wallet reporting rule had sat unresolved for nearly six years after drawing thousands of public comments. The Treasury Department stated that both withdrawals are part of the current administration’s deregulatory agenda to make digital-asset rules "fit-for-purpose."